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					                                          April 4, 2005


TO:           Robert Mrtek, Chair
              Senate Committee on Educational Policy

FROM:         Roger Nelson
              Assistant Vice Chancellor for Academic Affairs

I am submitting for review and action by the Senate Committee on Educational Policy the attached
proposal from the Department of Finance, College of Business Administration, to establish a new
graduate degree, the Master of Science in Finance.

The proposal was approved by the Graduate Academic Program Committee of the College of
Business Administration on October 22, 2004, and by the CBA faculty on October 29.

The proposal has been submitted to the Graduate College Executive Committee for consideration
at its meeting on April 8. I will report to the SCEP membership the outcome of that meeting prior
to the SCEP meeting of April 13.

RN:
Attachment

Cc:    C. Hulse
       R. Betts
       J. McDonald
       J. Pacanowski
       G. Bassett
REQUEST FOR A NEW UNIT OF INSTRUCTION

1. Name of Institution:               University of Illinois at Chicago

2. Title of Proposed Program:                 Master of Science in Finance

3. Contact Person:                    Dr. Charles Evans
       3.1. Telephone:                (217) 333-3079
       3.2. Email:                    cevans4@uillinois.edu
       3.3. Fax:                      (217) 244-5763


4. Level of Proposed Unit:            Masters

5. Requested CIP Code (6-digits):

6. Proposed Date for Enrollment of First Class: Fall 2006

7. Location Offered: On-Campus

MISSION, OBJECTIVES AND PRIORITIES
8. Mission

8.1. The College of Business Administration (CBA) at the University of Illinois at Chicago (UIC)
is requesting approval to offer a M.S. in Finance within the Liautaud Graduate School of Business
(LGSB). The development of this program is consistent with strong student demand and strong
professional demand, both locally and nationally. The program will contribute to the emphasis that
the State of Illinois and the University of Illinois are giving to economic development. Virtually all
forms of economic development involve finance. The program will demonstrate the commitment
that UIC has to this economic development mission. Modern innovations need skilled
professionals. Graduates of the UIC program will be prepared to play an important role in the
future development of the state and metropolitan area.

The purpose of the program is to educate professionals in the field of finance. The program is
designed for students who wish to seek employment in a wide range of finance occupations in both
the private and public sectors. Finance professionals in the private sector include financial
planning advisors, security analysts, security brokers, finance specialists (e.g., loan officers and
others in financial institutions), money managers, and others. The public sector also employs many
finance experts in financial planning, finance management, public finance, financial regulation,
and other occupations. Employment forecasts for these occupations for the State of Illinois are
discussed in section 8.4.

Graduates of the UIC program will be well prepared to take the Chartered Financial Analyst
(CFA®) certificate exam that measures the competence and integrity of financial analysts. They
will also be prepared for the Financial Risk Manager (FRM) certification, an exam to measure


                                                                                                    2
independent risk management and decision making. Holders of these certificates are typically
rewarded with higher salaries.

The program will primarily use existing courses taught in the CBA to create a curriculum matched
to occupational demand for Illinois and its metropolitan areas. There is a growing need for finance
professionals who understand complicated financial assets. For example, as shown in section 8.4.,
there is growing demand for financial analysts and managers. The program is designed to provide
this training. Furthermore, the Chicago metropolitan area is projected to grow rapidly over the next
20 years (Northeastern Illinois Planning Commission). That growth will lead to increased demand
for finance professionals of all types.

8.2. An advanced professional degree in finance will help fulfill The Illinois Commitment by
fostering economic development in the State of Illinois. Financial innovation developed by the
leading global financial markets in Chicago, such as Chicago Mercantile Exchange, Chicago
Board of Trade, Chicago Board Options Exchange, and Chicago Stock Exchange, generate
demand for finance professionals. The UIC program would be the only master’s program offered
at a public university in Chicago to supply such professionals. The program will take advantage of
the faculty strength in the College of Business Administration. The proposed differential tuition
rate will generate funds to hire additional full-time faculty. Additional faculty will be sought with
strong research potential as well as the ability to interact with industry professionals.

The program will ensure that it is aligned with regional and statewide needs by creating a broad-
based Finance External Advisory Committee. While it is strictly advisory, this committee will be
asked to periodically review program content and quality of graduates. It is envisioned that the
committee will consist of members drawn from firms engaged in corporate finance, financial
management, security analysis, financial research, and so on. The External Advisory Committee
will comment on and make suggestions of additional topics that should be covered. The
Committee will review the content of the program each year.


8.3. The UIC program would be the only master’s program offered at a public university in
Chicago. The IBHE web site currently lists eight M.S. in Finance programs:

PUBLIC UNIVERSITIES
Institution Name/Program Name             ON/OFF Campus
U of I - Urbana/Champaign
 M.S. in Finance                          ON
Main Difference to UIC: Location; Emphasizing at international student recruiting.

INDEPENDENT NFP INSTITUTIONS
Institution Name/Program Name             ON/OFF Campus
DePaul University
 M.B.A. and M.S. in Finance               ON
 M.B.A. and M.S. in Finance               OFF
Main Difference to UIC: A two-year program.


                                                                                                   3
Illinois Institute of Technology
  M.S. in Finance                            ON
Main Difference to UIC: A certificate oriented program.


Northwestern University
 M.B.A., M.S., and M.M.M. in Finance        ON
 MBA, MS in Analytical Finance              ON
Main Difference to UIC: A private school.

St. Xavier University
 M.S. in Finance                            ON
Main Difference to UIC: A private school.

8.4. The Bureau of Labor Statistics of U.S. Department of Labor provides projections of
occupational demand in finance related fields for the State of Illinois and the entire country.
Selected occupational demand data and projections are as follows.


                                    Occupation Employment Projection
                                                Projection                                 Average
              Occupation Title     Base Year      Year      Employment Change               Annual
                                  Employment Employment     Number     Percent             Openings
                                               Nationwide
                                     2002         2012     2002-2012 2002-2012
            Finance Discipline
            Financial Analysts         172122       204266         32144         18.7
            Financial Managers         599055       708511         109456        18.3
            Related Disciplines As a Benchmark
            Accountants and
            Auditors                  1055217      1260676         205459        19.5
            Administrative
            Services Managers          320509       383973         63464         19.8


                                                 State of Illinois
                                       2000           2010         2000-2010   2000-2010
            Finance Discipline
            Financial Analysts         10140         11950          1800          18         320
            Financial Managers         34860         40440          5580          16        1090
            Related Disciplines As a Benchmark
            Accountants and
            Auditors                   47950         54150          6200          13        1330
            Administrative
            Services Managers          20960         24780          3830          18         730



                                                                                                   4
The occupational projections indicate that demand for finance professionals will be strong
statewide and nationwide. In Illinois, the placement of Financial Analysts and Financial Managers
is projected to increase 7380 jobs in 10 years. This bright employment picture is also shown in
nationwide statistics. Population and employment growth in metropolitan Chicago will continue to
create demand for finance professionals.

Student demand for finance programs at UIC is very strong. In the past two years, more than fifty
percent of MBA students at UIC graduated with a Finance concentration. The percentage of
finance majors at UIC has increased by 91% between 1994 and 2003. Refer to the two tables
below:

               Full-Time & Part-Time MBA Graduates with Finance Concentration
                       Graduating    Finance    All
                          Year        Grads    Grads Percentage
                          2002          96      189         51
                          2003         114      215         53
                          2004          98      218         45

                               Undergraduate Enrollment by Major, Fall Semesters

       Major                                                    Year
                       2004     2003    2002    2001    2000    1999    1998    1997   1996   1995   1994
       Undeclared       349      418     439     413     450     410     425     457    412    397    347
       Accounting       488      508     511     415     401     500     599     657    703    745    767
       Bus Admin         n/a      n/a     n/a     n/a     n/a     n/a     n/a      0      8     16     33
       Economics         69       86      86      53      38      40      45      49     45     55     51
       Finance          543      582     567     492     464     448     364     334    273    283    293
       IDS              134      193     307     379     442     551     531     330    213    195    211
       Management       344      354     336     294     300     311     296     291    274    307    351
       Marketing        336      353     365     322     332     344     341     310    322    294    292
       Entrepreneur        6
       Total           2269     2494    2611    2368    2427    2604    2601    2428   2250   2292   2345

       %Finance        23.9      23.3   21.7    20.8    19.1     17.2   14.0    13.8   12.1   12.3   12.5


9. Program Description
9.1. The Master of Science in Finance combines finance, accounting, economics, and statistics to
provide students with perspective on the entire field of finance. The program takes advantage of
UIC’s location in the world’s leading futures and options financial center and its close links to
business and global financial institutions. The program can be taken to qualify finance
professionals for work in:
       - financial market exchanges in greater Chicago,
       - corporate finance, venture capital, and corporate restructuring,
       - investment banking and commercial and retail banking,
       - investment management and security analysis,


                                                                                                        5
        -   capital markets and trading,
        -   risk management,
        -   corporate planning and consultancy,
        -   accountancy or law firms, property consultants, commodity business and investor
            relations specialists,
        -   not-for-profit organizations, government departments, and international organizations.

Catalog Description:

FINANCE
     Mailing Address:            Liautaud Graduate School of Business Programs Office
                                 UIC College of Business Administration (M/C 077), 815 West VanBuren
Street, Suite 220, Chicago, IL 60607-3525
         Campus Location: Room 220 Rice Building
         Program Code:
         Telephone:              (312) 996-4573
         E-mail:         mba@uic.edu
         Director of Graduate Studies:

The Master of Science in Finance combines finance, accounting, economics, and statistics to cover all the
important areas of Finance. The program takes advantage of UIC’s location in the world’s leading futures
and options financial center, with close links to business and global financial institutions.

Admission Requirements
In addition to the Graduate College minimum requirements, applicants must meet the following program
requirements.

Master of Science
All applications are considered on an individual bases. Transcripts for all undergraduate and any graduate
work must be submitted.

        Baccalaureate Field:            No restrictions
        Grade Point Average:            At least 3.00 (A=4.00) for the final 60 semester (90
                                        quarter) hours of undergraduate study.
        Tests Required:                 GMAT or GRE. The score must be from a test administered
                                        within five years of the requested date of entry. The writing
                                        assessment is required.
        Minimum TOEFL Score:            585 (paper based); 239 (computer based)
        Letters of Recommendation:      Two required
        Personal Statement:             Required

        Other Requirements: FIN 500 Introduction to Corporate Finance, ACTG 500 Introduction to
        Financial Accounting, IDS 570 Statistics for Management, and ECON 520 Microeconomics for
        Business Decisions, or the equivalent coursework. Deficiencies can be addressed by taking these
        courses at UIC, thus increasing the time to complete the degree.




                                                                                                          6
Degree Requirements:
       Minimum Semester Hours Required:            32
(Required courses can be waived by exams or at the discretion of the DGS, but they have to be
replaced by other courses in the program).

       Coursework:
             Degree candidates must present a cumulative grade point average of at least 3.00 (A=4.00)
             for 32 hours counting toward the degree.

               Required Courses: 12 hours
                      Finance 510              Investments                                     4 hrs
                      Finance 520              Corporate Finance                               4 hrs
                      Finance 570 (New)        Quantitative Methods in Finance                 4 hrs

               Elective Courses: 20 hours
                       Courses can be chosen from the following list of approved electives. Other courses
                   may be elected with prior approval of the Director of Graduate Studies. At most, 8
                   hours can be in disciplines other than Finance.

                           Existing Finance Courses (all 4 hours)
                           Fin 512 Portfolio Analysis
                           Fin 516 Theory and Structure of Options and Future Markets
                           Fin 530 Money and Banking
                           Fin 531 Capital Markets
                           Fin 542 International Finance
                           Fin 551 Financial Decision Making I
                           Fin 571 Empirical Issues in Finance
                           Fin 594 Special Topics in Finance
                           Fin 596 Independent Study in Finance

                           Actg 502 Financial Accounting I
                           Actg 516 Financial Statement Analysis
                           Actg 585 Corporate Valuation & Accounting Information

                           IDS 572 Data Mining for Business
                           IDS 582/Econ 537 Business Research and Forecasting I
                           IDS 583/Econ 538 Business Research and Forecasting II

Comprehensive Examination
None

Thesis, Project or Coursework-only options
Coursework only. No other options available.

9.2. Students will learn the basic principles of finance, accounting, economics, and statistics that
are needed to gain fundamental knowledge of the financial markets, financial innovations, and
investment strategies. Some of the specific skills that students will acquire include:
        - introduction to investment analyses and portfolio managements,



                                                                                                       7
       -   understanding quantitative methods from econometrics and statistics that are most
           applicable to financial markets,
       -   introduction to financial derivatives in risk management,
       -   techniques for financial innovation and financial engineering.

9.3. The Admissions Committee will consist of faculty and academic professional staff members
from the College of Business Administration. Prior to admission, the Director of Graduate Studies
will advise each entering student to familiarize them with the purposes and requirements of the
program. The Director of Graduate Studies will assess the backgrounds of each student and
determine whether foundation courses are needed prior to beginning the required course work.

The Director of Graduate Studies will review the progress of each student after each semester, and
will advise students who are not making satisfactory progress.

Students will be equipped with technology for accessing financial information in a new
Quantitative Finance Lab. The lab enables access to leading edge financial analysis software and
real-time international financial data feeds to provide our students with the hands-on modeling
experience that will give them an edge in competing for the most promising careers in various
subfields of finance. This will enhance productivity and learning within the program and increase
students’ marketability. Additionally, it stimulates opportunities for collaborative research and
teaching alliances among fields such as market microstructure, risk management strategies,
derivatives pricing, financing and valuation of knowledge-based companies, and other technology-
driven financial research areas.




                                                                                                 8
RESOURCES

10. Projections presume full-time equivalent students who complete the program in one year. Forty
students will be enrolled in the first year, and twenty-two will graduate at the end of the following
year. In the subsequent year thirty five new students will be enrolled, and thirty five will graduate
two academic years from the date of entry. Table I shows the enrollment projection over five years.
The LGSB would hope to achieve a steady-state enrollment of 80 students at program maturity.

                                                       Table I

                                         Student Enrollment Projections

                               Budget   2nd Year       3rd Year    4th Year    5th Year
                              Year FY07


Number of Program Majors
(Fall headcount)                  40          53          59          65          71
Annual Full-Time-Equivalent
Majors
                                  35          46          51          56          61
Annual Credit Hours in
EXISTING Courses1
                                  672        1022        1147        1272        1397
Annual Credit Hours in NEW
Courses1
                                  160         80          80          80          80
Annual Number of degrees
Awarded
                                   0          22          35          39          43


1
 Include credit hours generated by both majors and non-majors in courses offered by the academic unit directly
responsible for the proposed program.

Notes:
The enrollment figures are based on the assumption that 60% of the students are full-time and 40% part time, about the
same ratio as the MS in Accounting. Full time students are assumed to take 3 courses; part time 2 per semester.
Summer session is excluded.


The projected tuition differential is based on the Fall 2004 rate of $3119/semester for full time, and $2079 per
semester for part-time (8 hours).

Full-time students will complete the program in 3 semesters; part-time in 4. A 90% retention rate was assumed during
the first year.

Calculations are based on a load of 400 student credit hours per year for each faculty member. This is based on 2/3 of
the AACSB standard for graduate student credit hours per semester.




                                                                                                                    9
11.

A tuition differential equivalent to the other master’s degree programs in the LGSB is being proposed for this program.
The revenue from this program is expected to cover the costs. The program will not be offered without the tuition
differential.
                                                          Table II

                                               Total Resource Requirements
                                          Current     Budget          2nd                    3rd                  4th
                                           FY06       FY 07         FY 08                   FY 09                FY 10
                                            Year         Year             Year               Year                 Year
                   Total Resource
       1           Requirements            110.0         406.2            476.5              509.0               541.4
             Resources Available from
       2         Federal Sources1            0             0                0                  0                    0
             Resources Available from               216.2 (tuition    286.5(tuition      319.0(tuition        351.4(tuition
       3     Other Non-State Sources1*       0       differential)    differential)      differential)        differential)
       4      Existing State Resources2 110.0            110.0            190.0              190.0               190.0
                Resources Available      110.0
                  through Internal      (new tt
       5            Reallocation3         fac)           80.0               0                    0                 0
                New State Resources
       6              Required4            0               0                0                    0                 0
               Breakdown: New State
                Resources Required
       7            FTE Staff5                                               .                   .
       8          Personal Services
                   Equipment and
      9          Instructional Needs
      10               Library                             0                0                    0                 0
      11       Other Support Services6

1
    These lines reflect funds available (not incremental funds) from non-state sources in any given year
2
 Existing state resources in each successive year are equal to the sum of the previous year’s existing state resources
(line 4); plus resources made available through internal reallocation (line 5); plus new state resources (line 6). If state
resources allocated to a program in any given year (line 4) exceed state resource requirements needed to support the
program in the following year, state resource requirements should be reduced with a negative dollar adjustment on line
5. The sum of lines 2 through 6 will always equal line 1.
3
    Numbers can be either positive (allocated to the program) or negative (allocated away from the program).
4
    Reflects the level of state funding requested in the referenced year. Dollars reported are incremental.
5
    Reflects the number of FTE staff to be supported with requested funds. Not a dollar entry.
6
    Other dollars directly assigned to the program. Do not include allocated support services.




                                                                                                                          10
* Resources Available from Other Non-State Sources will be provided by the proposed differential tuition of $6238
per academic year for a full-time student. This is based on the rate for the 2004-05 academic year, and is subject to
change.

The program will utilize a new Quantitative Finance Lab. The Lab will house data and software
resources used in the program. The Lab will be situated near existing faculty offices and thereby
easily permit student faculty interaction. The lab will be funded by the proposed tuition
differential.

12. Initially program administration will be incorporated into the LGSB Office of the CBA. This
office currently operates the master's programs in real estate and management information systems
in addition to the MBA. Once the program has been established and tuition differential funds are
available, additional faculty will be hired as required by student demand. Emphasis will be on
faculty whose research is in areas emphasized in the program

All instructors in the program will be evaluated on their ability to deliver courses that:
        - set out clear objectives and evaluation methods (through monitoring of course syllabi
            and other course materials)
        - communicate evaluation results promptly and effectively (through monitoring of course
            examinations and research paper assignments)
        - foster active learning (through group projects and class discussions)

A course evaluation questionnaire has been designed that measures students' opinions of instructor
performance on these matters. Faculty development will be fostered by the use of the course
evaluation questionnaire. Annual faculty evaluations and evaluations of progress towards
promotion and tenure will place emphasis on teaching performance. Faculty members will be
required to assemble teaching portfolios that document their efforts to improve course content and
teaching performance.

Students will be equipped with technology for accessing financial information in a new
Quantitative Finance Lab. Career services and placement will be done through the CBA Career
Center.
The Master of Science in Finance is a critical part of the overall program in finance. The proposed
master’s degree program will provide the skills and areas of knowledge to enable a student to
become a professional in the field of finance. The program will be offered by the Liautaud
Graduate School of Business (LGSB) in the College of Business Administration. Using the faculty
at UIC, the program can become a leader in preparing finance professionals.
The department aspires to be a leader in the financial services industry centered in Chicago. This is
accomplished by research-oriented faculty emphasizing innovative and developing areas of
finance, including risk management, insurance, derivatives, corporate finance, portfolio
management, banking and global financial markets. The department’s reputation has earned the
distinction of ranking 19th in the nation in U.S. News & World Report's "America's Best Graduate
Schools”.




                                                                                                                  11
QUALITY ASSURANCE

13. Program/Student Learning Outcomes Assessment
13.1. Assessment Plan:
The purpose of the program is to educate professionals in the field of finance. Oversight of the
program will be performed by the Finance Committee for Graduate Education, and advised by the
Finance External Advisory Committee consisting of top-level industry professionals. One critical
task for these two committees will be to continuously assess basic skills and areas of knowledge
that graduates should possess to be competitive in the current job market. This list of basic skills
and areas of knowledge will be used to update the content of courses in the program. Assignments,
examinations, and student projects will be designed accordingly. Skill-based program development
will be an innovative feature of the program.

The measures of student learning will consist of examinations and paper assignments. The Finance
Committee for Graduate Education will annually review exams and papers to ensure mastery of
the material. The Director of Graduate Studies will report annually to the finance faculty on the
progress of the students in the program.

The program will include elective courses. Some of the electives will be taught by existing faculty
and some by working professionals. Guest experts will be brought in to lecture as needed.1

All courses will be evaluated using a SIT Course Evaluation Questionnaire that is being
administered by the UIC Office of Academic Affairs. This questionnaire is designed to elicit both
general student opinions and student judgment of specific aspects of course content, evaluation
methods, and instructor style and conduct. Examples of specific questions are (rate on a scale of 1
to 5):

       -   You found the course intellectually challenging and stimulating
       -   You have learned something which you consider valuable
       -   Instructor’s explanations were clear
       -   Course materials were well prepared
       -   Students were encouraged to participate in class discussion
       -   Students were encouraged to ask questions and were given meaningful answers
       -   Instructor made students feel welcome in seeking help/advice in or outside of class
       -   Instructor was adequately accessible to students during office hours or after class
       -   Feedback on examinations/graded material was valuable
       -   Methods of evaluating student’s work was fair and appropriate
       -   Examinations/graded materials were returned on a timely basis
       -   Compared to other courses you have taken at UIC, this course was …
       -   Compared to other instructors you have had at UIC, this instructor was…

1
 The program will not make use of a comprehensive exam or uniform capstone experience. This is
standard in one-year master's degree programs.


                                                                                                 12
       -   Course difficulty, relative to other courses (very easy to very hard)
       -   Course workload, relative to other courses (very light to very heavy)
       -   Course pace was (too slow to too fast)

13.2. The success of the program will be assessed by:
       - Student mastery of basic skills and areas of knowledge,
           (Assessed by annual monitoring of course content and student progress in courses)
       - Student course evaluations
           (The College of Business Administration is now using the SIT Course Evaluation
           Questionnaire)
       - Retention and graduate rates
       - Placement of graduates
       - Number of percentages of graduates passing the CFA® and FRM exams
       - Student satisfaction with the program
           (The College of Business Administration uses the Educational Benchmarking, Inc.
           survey of graduating students to assess student satisfaction with its undergraduate and
           MBA programs.)
       - Employer satisfaction with the program
           (Employer satisfaction will be assessed through informal contacts with firms and
           governmental units that hire graduates.)
       - Finance Committee for Graduate Education satisfaction with the program.

Surveys of graduates and employers will be used to modify and alter the list of basic skills and
areas of knowledge. Periodic meetings of the Finance Advisory Committee will also be used to
assess the program. It is anticipated that students will be able to complete the program in one year
of full-time study or two and one-half years of part-time study.

The Admissions Committee shall consist of faculty members from CBA. The Director of Graduate
Studies, supported by the LGSB Programs Office of the CBA, evaluates the progress of each
student every semester, and advises students who are not making satisfactory progress. Admission
and administrative processes already exist at the graduate program level through the LGSB Office,
which currently has responsibility for the MBA, Master of Science in Management Information
Systems, and MA in Real Estate programs. Successful administration of the admissions process is
vital to attracting highly qualified students. The tracking of student progress and graduation rates
will be maintained by the Director of Graduate Studies with the assistance of the LGSB office.

The Finance Committee for Graduate Education will consist of faculty members who teach in the
program. This Committee will be chaired by the Director of Graduate Studies. This committee will
continuously review the program and teaching methods. The committee will also meet with the
External Advisory Committee to revise and update the list of basic skills and areas of knowledge.
The Director of Graduate Studies will advise each student as to the proper sequencing of courses.
This proposal has presented a system for reviewing the program and the progress of students.
These processes involve the External Finance Advisory Committee, the Finance Committee for
Graduate Education, and the Director of Graduate Studies. In addition, the program will be
reviewed by the Illinois Board of Higher Education through its periodic program review process.


                                                                                                     13
14
                               University of Illinois at Chicago

       College of Business Administration - Liautaud Graduate School of Business

              Proposal for Differential Tuition Assessment for M.S. in Finance


The College of Business Administration at UIC requests that the Board of Trustees approve a
tuition differential for the proposed M.S. in Finance program to become effective in Fall 2006.
This is a new, professional master’s degree within the Liautaud Graduate School of Business. The
amount would correspond to that which is charged to students in the Master of Business
Administration, the Master of Science in Accounting, and the Master of Science in Management
Information Systems programs. If approved, all master’s degree programs within the LGSB would
be charged the same rate.




                                                                                              15
Course Descriptions:

FIN 510 Investments. 4 hours. Restricted to students in the following majors: Accounting: MS
or MBA (Flex) or MBA (Cohort). Theory and practice of investment analysis. Topics included are
the institutional organization of security markets, and fundamental principles of asset valuation
with application to specific securities. Prerequisites: FIN 500.

FIN 520 Corporate Finance. 4 hours. Restricted to students in the following majors:
Accounting: MS or MBA (Flex) or MBA (Cohort). Advanced topics in corporate finance including
capital structure, dividend policy, financial restructuring, bankruptcy, and leasing. Emphasis on
recent developments in corporate finance and financial economics. Prerequisites: FIN 500.

FIN 512 Portfolio Analysis. 4 hours. Development of portfolio theory; establishment of
portfolio objectives; evaluation of portfolio performance; investment objectives for individuals,
corporations banks, pension and mutual funds, and their interrelation with economic environment.
Prerequisites: FIN. 510, Investments.

FIN 516 Theory and Structure of Options and Futures Markets. 4 hours. History and
institutional structure of options and futures markets. Uses of futures and options for arbitrage,
speculation and hedging by financial and portfolio managers of domestic and
multinational organizations. Analysis of factors which determine futures and options prices.
Prerequisites: FIN 510 Investments.

FIN 530 Money and Banking. 4 hours. Restricted to students in the following majors:
Accounting: MS or MBA (Flex) or MBA (Cohort). The functions of money; monetary standards;
development and operation of commercial banking and the Federal Reserve System. Theories of
the supply and demand for money; effects of monetary changes on economic activity, interest
rates, and income. Prerequisites: FIN 500.

FIN 531 Capital Markets. 4 hours. Capital markets in the private economy. The flow of funds
in financial markets and financial intermediaries. The pricing of securities. Short term money
markets and the Federal Reserve System. The market for long-term securities. Financial markets
and the stability and progress of the economy. Prerequisites: Fin 500 Introduction to Corporate
Finance.

FIN 542 International Finance. 4 hours. Restricted to students in the following majors:
Accounting: MS or MBA (Flex) or MBA (Cohort). Financial management within an international
context. International monetary system, exchange rates, foreign investments, working capital
management, financing trade, taxation and earnings reports. Prerequisites: FIN 510.

FIN 551 Financial Decision Making I. 4 hours. First foundation course for the study of
modern financial economics. Two-period individual consumption and portfolio decisions under
uncertainty and their implications for the valuation of securities. Prerequisites: Consent of the
instructor.



                                                                                                     16
FIN 571 Empirical Issues in Finance. 4 hours. The methodology used in analyses of market
efficiency, asset pricing and capital allocation. Prerequisites: Fin 500 (Introduction to Corporate
Finance) and consent of the instructor.

FIN 594 Special Topics in Finance. 1 to 4 hours. May be repeated for a maximum of 12 hours
of credit. Students may register for more than one section per term. An intensive study of a
selected topic in finance. Topics vary by sections and by term. Prerequisites: Graduate standing;
and consent of the instructor.

FIN 596 Independent Study in Finance. 1 to 4 hours. May be repeated for credit. Students
may register for more than one section per term. Students may register for more than one section
per semester. Independent study under the direction of a faculty member. Must be arranged before
the start of the semester. Prerequisites: Consent of department head or instructor.

ACTG 502 Financial Accounting I. 4 hours. Restricted to students in the following
colleges/schools: Summer Session Only; or to students in the following majors: Accounting: MS
or MBA (Flex) or MBA (Cohort). Accounting theory and practice related to asset valuation,
revenue recognition, and the determination of short-term liabilities; aspects of financial statement
analysis related to these issues. Prerequisites: Actg 500.

ACTG 516 Financial Statement Analysis. 4 hours. Restricted to students in the following
majors: Accounting: MS or MBA (Flex) or MBA (Cohort). Use of financial information by
decision makers external to the firm; profitability and risk analysis; financial forecasting and
equity valuation. Extensive computer use required. Prerequisites: ACTG 502; or approval of the
department.
ACTG 585 Corporate Valuation and Accounting Information. 4 hours. Restricted to
students in the following majors: Accounting: MS or MBA (Flex) or MBA (Cohort). No credit
given if the student has credit in ACTG 485. Valuation using discounted cash flow and multiples.
Use of financial disclosures to construct forecasts. How multiples behave. How accounting affects
valuation ratios. Prerequisites: ACTG 502; and FIN 510 or FIN 520; or approval of the
department.

IDS 572 Data Mining for Business. 4 hours. Restricted to students in the following
colleges/schools: Summer Session Only; or to students in the following majors: MBA (Cohort) or
MBA (Flex) or Management Information Systems: MS. No credit given if the student has credit in
IDS 472. Introduction to data mining for business. Applications to marketing, credit scoring,
quality assurance, operations management and human resources management. Prerequisites: IDS
532.

ECON 537 Business Research and Forecasting I. 4 hours. Same as IDS 582. The role of
research in business; forecasting methods and techniques, including models and their applications.
Prerequisites: ECON 534 and at least one statistics course with regression analysis at the 300-
level or above.




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ECON 538 Business Research and Forecasting II. 4 hours. Same as IDS 583. The role of
research in business; forecasting methods and techniques, including multivariate time series
models and their applications. Prerequisite(s): IDS 476 or IDS 582; and graduate standing.




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